In comparison, workers from Generation X – those who were born in the early 1970s – changed jobs twice as frequently in their youth.

The study also found that millennials are considerably more likely to remain with a single employer for more than five years than the previous generation.

The high level of job loyalty displayed by millennials debunks the myth that they are job-hoppers who only care about making a quick buck.

The findings are all the more surprising because loyalty comes at a considerable cost.

The current level of inflation has led to a drop in real wages for the long-term employed.

“With the typical pay rise for a job mover in their mid-20s at around 15 per cent and evidence that employers have essentially stopped rewarding their long-serving staff with real annual pay increases, such job loyalty can be very costly,” said Laura Gardiner, a senior analyst at the Resolution Foundation.

One explanation for the decline in job-hopping among millennials is the 2008 global financial crisis and the ensuing lack of job security.

Gardiner noted that the proliferation of temporary work and zero-hour contracts in the post-crisis environment explains the reluctance of millennials to leave their full-time jobs, despite the financial disadvantages.

According to Resolution Foundation, older generations have made £2.7 trillion for themselves at our (read: millennials) expense.